Colorado Mortgage Loan Originator Bond
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How Much Do Colorado Mortgage Loan Originator Bonds Cost?
Individual mortgage loan originator (MLO) licensees need a $25,000 bond. Premiums start at just $100.
Bond requirements for MLO sponsors or employers in Colorado vary based on the number of licensees:
- 0–19 licensees: $100,000 bond, starting at $500
- 20+ licensees: $200,000 bond, starting at $2,000
Your exact price will vary based on your credit score and application materials. Some bonds are eligible for a 25% multi-year discount as well as premium financing plans. Apply now to get your free quote:
If you are a supervised lender in Colorado, we also issue supervised lender license bonds. If you work as a loan originator in other states, we offer mortgage industry license bonds nationwide.
How Does a Colorado Mortgage Loan Originator Bond Work?
A Colorado mortgage loan originator bond binds three parties in a legal contract:
- Principal: The licensed mortgage originator or MLO employer
- Surety: The provider issuing the bond to the principal
- Obligee: The Colorado Department of Regulatory Agencies
If a bonded mortgage originator breaks the contract terms, harmed parties can file a claim to recover damages. The surety company will pay out valid claims up to the full bond amount, which the MLO would need to reimburse.
How Do I Renew My Bond?
Colorado mortgage loan originator bonds remain continuous until canceled. A SuretyBonds.com representative will contact you with renewal instructions and an invoice to keep your bond active before your term ends. To cancel a bond, the principal or surety must send 30-day’s written notice to the obligee.
How Do I Get a Mortgage Loan Originator Bond in Colorado?
With SuretyBonds.com, you can get your Colorado mortgage loan originator bond in just three easy steps:
- Apply for your surety bond online
- Receive a free quote within one business day or less
- Checkout on our secure, online portal
What Is a Colorado Mortgage Loan Originator Bond?
Colorado mortgage loan originator bonds are required by the Colorado Department of Regulatory Agencies as part of the licensing process. These bonds protect consumers from financial harm if an MLO violates state mortgage lending laws or regulations.
Can I Finance My Colorado Mortgage Originator Bond Premium?
SuretyBonds.com offers financing plans for most Colorado mortgage originator bonds. This allows you to break up one upfront payment into smaller, more manageable payments. Ask about bond premium financing options when you apply.
How to Become a Mortgage Loan Originator in Colorado?
Here are the steps to apply for a Colorado mortgage loan originator license:
- Register with the Nationwide Mortgage Licensing System (NMLS)
- Complete the NMLS National Background Check and submit fingerprints to the Colorado Bureau of Investigations
- Complete all qualifying education requirements outlined by the NMLS
- Pass the SAFE MLO Exam
- Acquire adequate E&O insurance
- Obtain a surety bond in the required amount
- Complete the Division of Real Estate Initial License Application.
- Update the NMLS with your new credentials
Learn more about how to get a Colorado mortgage loan originator license by reviewing our comprehensive licensing guide.
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